The ITAT Mumbai held that purchases cannot be treated as entirely bogus merely based on Sales Tax Department information when the assessee produced invoices, bank statements, stock records, and delivery challans. The Tribunal directed that only the profit element embedded in the alleged non-genuine purchases, if any, should be taxed.
GSTAT has been constituted as the long-awaited second appellate forum under the GST regime. The key takeaway is that taxpayers now have a specialized mechanism for challenging GST appellate and revisional orders.
The article explains why a PSARA License is compulsory for operating a private security agency in India. The key takeaway is that agencies cannot legally provide security guards or security services without obtaining this license.
Recent ITAT rulings clarify that presumptive taxation depends on statutory classification under the Income Tax Act. The key takeaway is that business income cannot be reclassified as professional income merely because services are rendered.
The article examines how the PMLA’s broad asset retention powers interact with the IBC’s clean-slate protection under Section 32A. The key takeaway is that ED actions may continue during CIRP, but approved resolution plans can ultimately free corporate assets from prior taint.
The Supreme Court has kept open the constitutional challenge to Section 16(2)(c), which links ITC eligibility to supplier tax payment. The key takeaway is that bona fide buyers may still have a chance to challenge ITC denial based on supplier defaults.
The Income Tax Act, 2025 introduces detailed reporting requirements for books maintained in electronic form. Tax auditors must now disclose accounting software, storage systems, server locations, and compliance with backup requirements.
The Bombay High Court set aside a GST adjudication order passed a day after an interim stay, accepting the State’s statement that the officer was unaware of the court’s order. The matter was remanded for fresh adjudication, with all legal issues kept open.
The IBBI imposed a two-year suspension after finding that the Insolvency Professional misrepresented before the adjudicating authority that no Committee of Creditors existed. The ruling highlights that concealment of material facts and bypassing Section 12A requirements attract serious disciplinary consequences.
DGFT has invited comments on proposed amendments to Schedule-II of ITC (HS) 2022 to align export policy provisions with changes introduced by the Finance Act, 2026. Stakeholders have been given seven days to submit their suggestions.
